Not Paying Car Payments
Complaint
Ms. V
Country: United States
I canceled my contract on November 4, 2009 after contacting my auto finance company and finding out that my November car payment hadn't been made even though the money had been taken from my account. I was told by Brenda that I would receive my money by November 18, 2009. On November 19, 2009 I called back to inquire to where my money was since my car payment was due on November 21, 2009. I was told by Brenda that she would try to have the money expedited. When she called me back she said it was being sent out that day by US mail. They were paid to perform a service and they only make the payments once a month instead of every 2 weeks like their website says. They are making money off my money and now my car payment will be late because of them not doing what they say they do.
This is from their website "The Equity Advantage Program is a bi-weekly program that has helped thousands of consumers pay off their auto loan faster.
By just paying half of your auto loan payment every two weeks, you end up making 26 half payments a year. That adds up to a full extra payment each year. This extra payment is totally applied towards reducing your principal balance. The amount of interest this saves you, over the life of your loan, is simply staggering."
BEWARE THEY HAVE CAR DEALERS SIGN YOU UP AND YOUR ARE UNDER THE IMPRESSION THEY ARE DOING WHAT THEY SAY UNTIL YOU CONTACT YOUR LENDER. ALSO THE DEALERS MAKE A COMMISSION OFF YOU USING US EQUITY ADVANTAGE ALSO.
This is from their website "The Equity Advantage Program is a bi-weekly program that has helped thousands of consumers pay off their auto loan faster.
By just paying half of your auto loan payment every two weeks, you end up making 26 half payments a year. That adds up to a full extra payment each year. This extra payment is totally applied towards reducing your principal balance. The amount of interest this saves you, over the life of your loan, is simply staggering."
BEWARE THEY HAVE CAR DEALERS SIGN YOU UP AND YOUR ARE UNDER THE IMPRESSION THEY ARE DOING WHAT THEY SAY UNTIL YOU CONTACT YOUR LENDER. ALSO THE DEALERS MAKE A COMMISSION OFF YOU USING US EQUITY ADVANTAGE ALSO.
Comments
You are always better off paying your debts directly yourself, and there is generally nothing some "service" can do that you cannot do directly yourself, without the fee, including making additional payments on a loan whenever you choose to do so.
Changing from 12 monthly payments a year to 26 biweekly payments is just a gimmick. The biweekly payments generally aren't even put to work for you earning interest or paying down the loan early, they just sit waiting to be sent in as a monthly payment, with a couple monthly payments slightly larger due to 26 instead of 24 payments per year. Nothing here you couldn't do yourself, with a disciplined approach to your own finances.
One danger with any third party payer, as you have seen, is that they might screw up, resulting in loan penalties and damaged credit to you. The other danger is that they might have financial trouble or go bust while sitting on your money, tying up a payment or two until a court appointed receiver can sort out the mess, possibly resulting in actual loss. You would want to be sure any such company is properly licensed and that the debited payments are held in an escrow accout and not co-mingled with the ocmpany's own assets.
I doubt any of the above issues were pointed out to you or any of the other customers solicited for these schemes. I doubt you would even know how to check out these issues, and if you were sophisticated enough to do so, you would have no need for their services.
Stay on top of them to make sure your money is either applied to your loan, or returned to you. Do not let this problem stretch out, as that would be an indication of some problem with the company. Your finances may take a hicup if you get dinged with a late payment fee or have to fill in a missed payment.
Keep in mind that if your lender receives a payment after the due date, credit reports only show amounts late in multiples of 30 days, so if it is not 30 days late after the due date, it would not be accurate to show it late on your credit reports.
265 days ago by LadyV 0 Votes
I want to let everyone know that he V.P. of the company contacted me on his own time and wanted to know what he could do to resolve this problem. Well I'm glad to say that my car payment was made by the company yesterday and that he made me feel like a person and not a number. I want put his name out there because I know that he normally doesn't deal with customers, but I want to thank him for not only addressing the issue, but resolving it in a manner that was acceptable to both myself and his company.
Thank you U.S. Equity Advantage for restoring my confidence.
Help@useautopay.com
Hr@useautopay.com
BBB.org does not have thier current phone number listed.
When verification that the issue has been resolved, we will make another post or contact our local Better Business Bureau.
Derek
From Pittsburgh !!!! GO STEELERS!!
Any Dealer that presents these people should be avoided, as they are nothing but a sham. Also there is it wil take 30 days before we refund your money, somehow I doubt I will ever see that money again.
It will probably cost me more to pursue them what they have taken from my account. I just hope they honor there cancelation process and dont keep trying to take my money
http://www.useautopay.com/